Hathaway Accounting Services

Every business owner needs to be doing a monthly financial health review. Here's how you can ?set the tone? and make your review a little more enjoyable: ?? Pour your favorite beverage. ?? Put on a relaxing playlist. ?? Ask yourself the questions on Slide 2 to start. ?? Avoid making any judgments on your money situation, but write a list of areas to focus on next month. P.S. Save time and receive a monthly financial health review by booking my bookkeeping services!

If you've already filed your return and you're owed a refund, you might want to bookmark this page: ?? https://lnkd.in/gJZTyygR Make sure you have your SSN (or ITIN), filing status, and the exact amount of the refund shown on your tax return on hand to help find your refund. P.S. You can't get your refund if you don't file your return - I can help you get that done ASAP! ??

Small business owner? Here’s what you should know about deducting vehicle expenses. ? Self-Employed or Sole Proprietor – You can deduct your business-use miles or actual expenses directly on your tax return. ?? Paying Yourself a Salary (e.g., S-Corp)? – You cannot personally deduct vehicle expenses. Instead, the business can reimburse you and deduct those costs as a business expense. ? Standard Mileage Rate vs. Actual Expenses Standard Mileage – For 2025, deduct 70￠ per mile for business-related driving. Actual Expenses – Deduct the business portion of costs like gas, insurance, and maintenance. This method might make sense if you have high operating costs. ?? What You CAN’T Deduct – Tickets and fines! Even on a work errand, there’s no tax break for breaking the rules. Pro Tip: Use an app to track miles and keep detailed records for easy reimbursements or deductions.

TOUGH LOVE INCOMING ↓ If you're falling behind on your bookkeeping, not reconciling your accounts, not setting money away for taxes, and you don't have any *actionable* plans to change... you're CHOOSING to make your life tougher. Hiring a bookkeeper is the change you need to feel confident in your numbers. When your tax accountant asks for your financial reports, you know they're clean and ready to go. ?? When a lender asks for a certain number, you don't have to hesitate to get it to them. ? When you're trying to figure out how much you can spend on marketing next quarter, you're already equipped with the tools you need to make that decision! ?? When you're ready to make a BIG change in the right direction for your business, click on my website link under About! ???

Can you confidently answer these four questions? → What is your profit margin? → Are you saving enough money to cover your taxes? → How much money does it cost to run your business on a monthly basis? → How much can you pay yourself while still staying on top of all of your bills? If you can't, it's time for a change! Click on my website link under About to learn more about my monthly bookkeeping packages! ???

Join the over 10.4 million taxpayers who are already using the IRS's free IP PIN program! ?? So, what's the big deal? Your IP PIN is an extra failsafe to prevent someone from filing a fraudulent tax return using your SSN or ITIN. It's a six-digit code that's generated for you by the IRS every year! You can even get an IP PIN on behalf of your dependents to keep their information safe as well. Here's how to sign up: ↓ 1?? Sign up for an IRS Online Account. Aside from helping you join the IP PIN program, you can also use this account to view certain tax information. 2?? In early January, scroll down on the profile information section and follow the prompts to generate your IP PIN for the year. Don't forget to follow for more useful accounting & tax tips!

I'll be the first to admit that even I have made this mistake: accidentally putting a personal expense on my business card. ?? Have you ever had your Amazon payment method default to the last used card and suddenly found your personal shopping charged to your business credit card? Don't panic! ?? The IRS isn't going to come breaking down your doors; this is actually a pretty easy fix. If you ever accidentally mix up your cards, just let your bookkeeper know about the mistake. However, it's important to stay vigilant. High volumes of personal charges can slow down your bookkeeper and delay your financials. In some cases, if it becomes a frequent and significant issue, your bookkeeper might even reconsider your engagement. Mistakes happen, but with the right steps and a proactive approach, they're easy to correct and prevent! ? #EntrepreneurTips #SmallBusinessAdvice #BusinessOwnerLife

Whether you've already dealt in cryptocurrency or plan to this year, this post's for you! ?? Cryptocurrency (and other digital assets) are treated as property by the IRS. These are some of the types of transactions that can trigger a taxable event: → Mining or staking cryptocurrency → Selling cryptocurrency → Using crypto as a payment → Getting paid in crypto → Trading crypto I recommend working with a tax accountant to ensure you're correctly reporting your digital assets! ??

Confused about 1099-Ks? Here's what you need to know for 2024 payments! ↓ If either of these applies to you: → You received direct payments by credit or bank card for goods + services, or → You received over $5,000 in payments for goods + services in 2024 from a payment app or online marketplace You should be on the lookout for a 1099-K! REMINDER: You need to report all taxable income regardless of whether you receive a 1099 or not. ??

Habit stacking is your key to staying consistent with your bookkeeping in 2025! ?? Here's how it works: ?? Pick a habit you already have, like checking your bank account regularly. In 2025, each time you check your bank balance, I want you to look and see if you have a new bank statement available. As soon as you see a new statement, that's your habit-stacking trigger to go ahead and do your bookkeeping for the month. Want an even simpler solution for 2025? Hire me to do it all for you! ?? #SmallBizTips #BookkeepingMadeEasy #EntrepreneurLife